According to Reuters, the deal will help Adobe bolster its Experience Cloud business, which provides services including analytics, advertising and marketing.
Magento was acquired by Permira from eBay in 2015 and counts Canon, Helly Hansen, Paul Smith and Rosetta Stone among its clients. Magento also shares customers including Coca-Cola, Warner Music Group, Nestle and Cathay Pacific with Adobe.
The transaction is expected to close during Adobe’s fiscal third quarter. Qatalyst Partners acted as financial adviser to Permira, and Fried, Frank, Harris, Shriver & Jacobson acted as legal adviser.
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